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Brandeis University has closed the sale of 66 Beaumont Ave. in Newton, formerly a university president's home, for $2.06 million, almost $200,000 under the $2.25 million asking price listed in April.

The university plans to set aside the funds made from selling the house, and does not know how it will be spent in the future, said Bill Burger, a Brandeis spokesman.

"You never know what the future may hold, so we’ll just keep that money in reserve," Burger said.

The Board of Trustees voted in March to sell the Beaumont Avenue property after the university's current president, Fred Lawrence, asked to live in the Watch Factory apartment in Waltham, which is within walking distance to the Brandeis campus. Lawrence is the first Brandeis president to live in the same city as the university.

However, president emeritus Jehuda Reinharz and his wife lived in the university-owned home at 66 Beaumont Ave. for most of his 16-year tenure.

Prior to Reinharz, the only other Brandeis president to reside at 66 Beaumont Avenue was the university’s first leader, Abram Sachar, who lived there during his presidency and subsequent chancellorship.

The home was built in 1910 and acquired by Brandeis in 1948. It was sold in 1990 after the Sachars moved, then re-acquired during the Reinharz presidency. Its famous visitors include Albert Einstein, Eleanor Roosevelt and the Dalai Lama.

The home has a lot size of 35,000 square feet, and was assessed at $2.21 million for the 2012 fiscal year.